The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...

This paper aims to inform policymakers, and other interested parties, about the IMF's approach to fiscal adjustment. The approach focuses on the role of sound and sustainable government finances in promoting macroeconomic stability and growth. Achieving, and maintaining, such a fiscal position...

The IMF is in the process of revising its 2001 Code of Good Practices on Fiscal Transparency. The four core principles of the original Code remain unchanged in the revision: institutional clarity, open budget processes, public information and integrity. However, the document has been updated and...

This paper responds to the Board's call for greater consistency in fiscal reporting in line with GFSM 2001. In this context, the paper summarizes the framework, reviews the implementation process of the GFSM 2001 framework by member countries and Fund staff, and proposes pilot studies. It seeks...

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes-in terms of the debt relief provided by...

The IMF has revised its Code of Good Practices on Fiscal Transparency, following a public consultation process. Nine new practices have been added to the Code and many existing practices have been broadened in scope. The four pillars of the original Code remain unchanged: clarity of roles and...